Auctioning in the digital age
E-commerce marketplace “can’t be built overnight”, said leading auctioneer GraysOnlineThe COVID-19 pandemic has changed life and business as we know it in a lot of aspects, and this includes how auctions are run.
With physical auctions currently banned due to gathering restrictions, auction businesses have been forced to either conduct private sales or move their businesses online, but GraysOnline warned the transition needs to be made with plenty of thought, care and planning.
GraysOnline ran its first livestock auction in 1922 and made the move to online auctions in 2000. Having had two decades of experience in conducting online auctions, GraysOnline has some nuggets of advice for businesses and auctioneers hoping to go digital.
Meticulous planning
“Transitioning from a physical sale to a pure e-commerce marketplace isn’t something that can be done overnight,” said GraysOnline CEO, Chris Corbin.
“As an example, online auctions are about more than just streaming a live auction, they involve attracting interest, ensuring you have the ability to track and re-target customers, and managing complex bidding engines,” he said.
"There are lots of things to consider when moving to an e-commerce environment. I would caution anyone looking to go into this space to consider security, server load and customer data at the forefront of planning,” he said.
“Transitioning to pure online is not something that can be spun up quickly; our platform has been decades in the making and has evolved into one of the country’s leading e-commerce marketplaces.”
Ditch traditional methods
Corbin said vendors will have to tear up the rule book and develop a fresh approach to selling online.
“People act differently online, so you can’t expect a copy and paste from traditional auctions to work. We have tweaked the model for over 20 years,” he said.
From a live stream perspective; attempting to get all the registered bidders for an online transaction with a reliable connection seems unrealistic, especially if they're expected to out-bid each other instantly, Corbin added.
“In the online environment, bidding is a 24/7 business & needs to span longer periods and drive heightened engagement than the typical in-person auctions," he said.
GraysOnline conducts a wide range of auctions spanning earthmoving machinery, agricultural machinery, trucks, boats, cars, motorhomes and even wines. Visit GraysOnline.com for all current auctions.
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